Standard and Poor's has affirmed the City of Windsor's AA bond rating.
The financial agency cites Windsor's “very low debt burden, very positive liquidity, healthy budgetary performance, and positive management.”
City treasurer Onorio Colucci says the rating shows Windsor is on the right economic track.
"The next step for us would be AAA," Colucci said. "They've indicated that although our finances are sound, the thing that keeps us from AAA is they'd like to see a little bit more diversification in our economy."
That's something Mayor Eddie Francis has been trying to do for years. Francis didn't address that shortcoming in a statement issued by the city. Instead, he praised the AA rating.
“Consistent affirmation from S&P in recent years is a testament to the hard work and financial prudence of both City Council and our municipal administration,” Francis said in the media release. “The optimistic outlook conveyed in the S&P report is certainly one we share as we move forward along our charted course.”
The better the bond rating a municipality has, the lower the interest it's charged for borrowing.
"In our view, Windsor demonstrates sound financial management, which has a positive impact on its credit profile," Standard and Poor's said. "The city has a robust set of financial policies and annual financial statements are audited and unqualified."